Did you have any thoughts on Jerry Banfield's post today?
Tldr; steemians with MV above x apply for funding to build apps, encourage smt adoption and otherwise promote steem, similar to what dash does.
Funding comes from halving top 20 witness payouts and/or removing 2% pa SP interest.
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I spoke with him about some of it in the airport in Lisbon as we were leaving Steemfest. I'm glad he left some of his original ideas out of it. :) My concern with lowering witness pay too much or lowering incentive for holding Steem Power is that within a DPOS blockchain, the security of the chain is maintained by the delegation of the stake holders. If there's little incentive to hold stake then in theory it could be easier for someone to come along and influence things.
I read through much of Jerry's post (it's long!), but I haven't commented as I'm still thinking about it. I wonder if the STEEM blockchain (HF 20, etc) is ready for those types of initiatives yet. There's still a lot of work to do.
Thanks. I figured maybe when we're out of beta; perhaps with some long term warning, so top witnesses can factor it in.
Stockpile sp for six months in anticipation of a price jump, and the income decrease isn't such a blow.
I agree we need to keep that prize really desirable, though (Top 20).
I've been wondering if the linear voting has taken posting from a lottery mindset to a card-punching, 9-5 mindset.
Effort is more likely to net some rewards but far less likely to hit a real jackpot, as per the white paper.
I didn't mind making 2 cents each off a dozen posts in a row, knowing I might suddenly make $2000.
Now I'm guaranteed $5, but can't possibly imagine making more than $500.
Not sure that attracts the extra polished content we're hoping for.
Yeah, it's quite interesting to watch this economic experiment unfold. In some ways, it seems many people will never be happy. Either they complain about making $0.02 while others bring down $2k or they complain about only making $5 to $10 (while somehow forgetting every other social media site not only doesn't earn them anything, but uses them as the product).
Maybe someday we could introduce some curve back in just to see how things would change. I'd love to re-run the existing blockchain data on a different configuration and see how the distribution of rewards changes. Obviously incentives would have changed along with it, so it's not possible to do a perfect analysis, but it would be interesting. There's also the SMTs to consider. Maybe they will allow for different rewards approaches where things could be tested out in different ways.
If the witness rewards were lowered, I would be okay with that as long as it didn't impact the integrity, security, and strength of the long-term future of the blockchain.
Just want to say thanks for being so cool and approachable.
I just realised I've posted completely off topic; then changed topic again, but you're unfazed, polite and considered in your responses.
You're a good sort, Luke :)
Thanks Matt. :) I so enjoy the conversations here, wherever they end up going. But yeah, shame on you! Stay on topic! Hahaha.
We should aim for slow growth. The rewards will rise along. Currently Steem and blockchain is so new to people that no matter the amount of rewards, most will be sceptics. This way we help nurture people that believe in the system itself and will not vanish if the rewards dip.
Steem is a project just starting, now is the time to build foundation for future success and right people holding SP is key to that.
Hmm... I like your idea...